STANFORD / $30 million gift for energy institute

A petroleum industry executive has promised to donate $30 million to Stanford University to explore ways of improving the efficiency of energy use, the university said Thursday.

The proposed energy efficiency institute will be named after the donor, Jay Precourt, a Stanford alumnus who is chairman and chief executive officer of Hermes Consolidated Inc. Hermes collects, transports and processes crude oil and refined products.

The university said Precourt's donation will endow new faculty positions, fund research and help support the campus' Environment and Energy Building, which is under construction.

The Precourt Institute will focus initially on improving energy efficiency in buildings, transportation, fuels and power distribution, the university said.